Trading on CIRA shares starts Monday

CAIRO – 1 October 2018: Trading on the shares of Cairo for Investment and Real Estate Development (CIRA) started Monday after issuing about 37.84 percent of the company’s outstanding share capital on the Egyptian Exchange (EGX).

After two minutes of the beginning of the EGX session, CIRA rose to reach LE 7.09 per share after trading on 504,375 shares.

By 10:54 a.m., CIRA declined to LE 7 per share, after trading on 32.69 million shares with a turnover of LE 228.7 million.

On September 25, EGX announced that the initial public offering (IPO) of CIRA was oversubscribed by 18.87 times, with purchase orders recording 273.78 shares.

The final price of the company share was set at LE 6, after announcing an indicative price ranging between LE 5.45 and LE 6.3 per share.

By the end of August, CIRA announced that it will offer up to 207.26 million ordinary shares, which are currently owned by Social Impact Capital LTD (the main selling shareholder) and other minority investors (collectively, the selling shareholders).

The company stated that the issuer will offer to the main selling shareholder the right to subscribe to new shares at the offer price (the closed subscription) with a minimum value of LE 100 million and a maximum value equivalent to the value of up to 35 million ordinary shares (the closed subscription shares).

“Our aim is to utilize the IPO to further enhance our robust growth plan in both higher education and the K-12 segments, with a wider geographic footprint and versatile offering that builds on the current societal needs both on and off campus,” CIRA’s Chief Executive Officer Mohamed el-Kalla said earlier.

The Financial Regulatory Authority (FRA) sent to the company on August 16 a preliminary non-objection to be listed on EGX and an offering of the shares in the Combined Offering.

CIRA is a private education provider in Egypt, targeting both the K-12 and the higher-education segments in six governorates.